Ready Capital Structured Finance Closes Note-on-Note Financing for $5.5 Million in South Florida

Share on LinkedIn
Share on Facebook
Share on Twitter

NEW YORK, Feb. 05, 2018 — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of a note-on-note financing in Miami Beach, Florida totaling $5.5 million. The Miami Beach (South Beach), Florida loan is for the note-on-note financing of an approximate 32,200 square foot mixed-use hotel condominium property consisting of 13 (of a total of 80) hotel rooms, 6,800 square feet of commercial and retail space, and 19,000 square feet of garage space.

ReadyCap received assignments of all financing agreements and structured a loan with a low leverage look-through LTV of less than 50%. The Borrower is a repeat client for ReadyCap. The property is located in the South Beach neighborhood of Miami Beach, Florida on two of Miami’s most vibrant boulevards: Ocean Drive and Collins Avenue. Ready Capital Structured Finance closed the $5.5 million non-recourse floating rate note financing that features a 24-month term with one extension option and flexible pre-payment.

The Ready Capital Structured Finance team has collectively structured and successfully originated over $500 million of note-on-note financings.

For more information, contact Managing Director, David A. Cohen, at

About Ready Capital Structured Finance
Ready Capital Structured Finance, headquartered in New York City, is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Led by a veteran team of industry professionals, Ready Capital Structured Finance is a division of a subsidiary of Sutherland Asset Management Corporation (NYSE “SLD”), a full-service real estate finance company externally managed by Waterfall Asset Management , LLC. Sutherland, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.


Navigating commercial lending markets in unfamiliar times?

Sign up to receive insights you can use today.

Based on the latest research and thought leadership,
with focus on commercial real estate and business lending.

Related Content

Ready Capital logo with grey background
Ready Capital logo with grey background
Ready Capital logo with grey background